GCLET(002015) 中国银河·2024-11-17 13:54Investment Rating - The report maintains a "Recommend" rating for the company, highlighting its strong position in clean energy and synergistic development in energy storage, virtual power plants, and computing power [12] Core Views - The company's distributed photovoltaic and energy storage operations have driven a significant increase in non-GAAP net profit, with a year-on-year growth of 60.10% in the first three quarters of 2024 [3] - The company's renewable energy installed capacity accounts for 57.81% of its total power generation capacity, with significant growth in distributed photovoltaic installations [6] - The company has successfully launched over 1,000 P of computing resources and maintains a reserve of computing power to support its energy + computing power synergistic development strategy [1] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 7.552 billion yuan, a year-on-year decrease of 15.70%, and a net profit attributable to the parent company of 606 million yuan, a year-on-year decrease of 36.43% [3] - The company's gross profit margin and net profit margin for the reporting period were 26.05% and 9.33%, respectively, with a period expense ratio of 15.75% [4] - The company's cash flow situation is healthy, with a cash collection ratio of 128.43% and a net profit cash content of 246% [4] Business Development - The company's total installed capacity reached 5976.36 MW by the end of the reporting period, including 2017.14 MW of gas-fired cogeneration, 2083.37 MW of photovoltaic power generation, and 700 MW of energy storage [6] - The company has developed a "photovoltaic + storage + charging" integrated energy replenishment business, with 52 operational battery swap stations and 10,938 DC fast charging guns developed by the end of September 2024 [6] - The company's virtual power plant has a dispatchable load scale of approximately 300 MW, accounting for about 20% of the actual dispatchable load in Jiangsu Province [6] Future Projections - The company is expected to achieve net profits attributable to the parent company of 902 million yuan, 1.107 billion yuan, and 1.393 billion yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 14.56x, 11.87x, and 9.43x [4][13] - The company's revenue growth rate is projected to be -0.29%, 10.21%, and 12.76% in 2024, 2025, and 2026, respectively, with gross profit margins of 23.34%, 24.84%, and 26.18% [13]